The EU Bans All Cryptocurrency, Associated Accounts, and Custody Services That Originated in Russia

Last updated on October 24th, 2022 at 11:57 am

This prohibition is a part of the eighteenth set of sanctions imposed on Russia for its military intervention in Ukraine. 

All cryptocurrency wallets, accounts, and custody services are now illegal, despite the fact that only certain types of cryptocurrency were previously prohibited. 

Previously, people could pay up to €10,000 despite the sanctions, but the new crackdown permits far less. 

These measures are severe because Russia recently annexed Donetsk, Luhansk, Zaporizhia, and Kherson. 

The Bank of Russia and the Russian Ministry of Finance both recently approved the use of cryptocurrencies in international trade to mitigate the economic implications of sanctions. 

But these latest sanctions now prohibit conducting business with the Russian government or its subsidiaries. The sanctioned services include but are not limited to IT consulting, legal advice, building design, and engineering. 

The primary targets of the restrictive measures include major decision-makers, oligarchs, high-ranking military officials, and propagandists who threaten Ukraine’s territorial integrity. 

The European Union has said that it “stands united in its solidarity with Ukraine” and will continue to support Ukraine and its people in collaboration with its international partners by providing additional political, financial, and humanitarian assistance. 

Russia has been hit with several sanctions after it invaded Ukraine. Last month, the US piled on more pressure to increase and enforce sanctions, and it was reported that Turkish banks backed by the government are considering leaving the Russian payment system Mir. 

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